Regulatory Alerts2024-10-22
Added · Updated
Compilation of Insurance and Reinsurance Regulations – Modifications in Insurance Lines and Basic Capital
The Superintendencia de Servicios Financieros amends Articles 1 and 2 of the Compilation of Insurance and Reinsurance Regulations to redefine insurance groups and lines, replacing previous classifications with specific branches such as Property Damage and Personal Insurance, and detailing sub-branches like Fire, Motor Vehicles, Theft, and Engineering. The resolution also updates Article 19 regarding minimum capital requirements for Group I insurers, establishing a basic capital of 10,000,000 indexed units (12,000,000 for surety lines, excluding rental guarantee sub-lines) plus additional capital per branch up to seven, alongside a solvency margin calculated based on premiums and claims. Furthermore, Article 124 is modified to allow insurers to add a new digit to account codes for branch classification, following a specified numerical order, with these changes becoming effective on January 1, 2026.